There’s no other way to keep your business running than by establishing a steady stream of high-intent leads that you convert and analyze. Short-term profits do not guarantee future success, so you should constantly update your marketing campaigns based on the information you collect on your leads as they move down the sales funnel.
But there’s no magic to lead tracking and analysis. State-of-the-art lead management systems — like Phonexa’s LMS Sync — will help you tap into your lead data to track, distribute, and analyze your leads most effectively, determine what ads and campaigns drew how many customers, and identify where you should improve. Not only does Phonexa’s LMS Sync automate the lead tracking process, but it also helps you distribute and analyze your leads, eventually increasing your ROI and boosting brand awareness.
In fact, with automated solutions like Phonexa’s LMS Sync, you don’t need much more than to set up and leverage your lead management system, but even this requires some knowledge. Read on to learn everything you need to know about lead management systems.
What Does a Lead Management System Do?
Tapping into lead data is the only way to stay afloat in today’s competitive online market. Not only do you have to know what channels drive how many leads, but you also have to constantly find and interpret complex data patterns, updating your marketing campaigns on the fly.
A lead management system enables everything mentioned through three key components:
- Lead tracking
- Lead distribution
- Lead analytics
First, you track your leads to see which marketing efforts are most successful. Next, you distribute your leads to relevant agents. Finally, you analyze the customer journey from A to Z to bring it to perfection.
Step 1 – Lead Tracking
From the moment leads see your ads, they leave tons of valuable information, which lead tracking software collects. This way you know where your leads came from, how they interacted with your brand, and whether they converted. Moreover, systems like Phonexa’s LMS Sync give you additional options, such as eliminating duplicate leads.
Working together with lead distribution and analytics, lead tracking enables precise targeting and helps you improve the customer journey. Collecting details on your leads in real-time allows you to send them to the most relevant agents to close more sales and get a higher customer satisfaction rate.
Likewise, lead tracking helps you track your affiliates. You can customize affiliate links for each of your campaigns to know which of your affiliates brings how many leads and how much these leads are worth.
Key Lead Parameters to Track
With increasing lead quality being the top priority for 68% of B2B professionals, it’s crucial to pay attention to the parameters of engagement, demographics, on-page activity, age, gender, and budget. These parameters may differ depending on the campaign, but the gist is to have a detailed customer profile allowing you to market your products effectively to different groups of consumers.
Benefits of Lead Tracking
- Improved targeting. Demographics, age, gender, budget, and other parameters of your leads help you target your market accurately by customizing your marketing campaigns to the point where every lead is shown the most relevant advertisement.
- Improved budget allocation. The more you know about your campaigns, the better your budget allocation. You can use your lead data to double down on profitable campaigns and eliminate underperforming ones.
- Smoothened customer journey. Lead tracking will help you reveal the blind spots leading to customers leaving and elevate the customer journey for each of your leads. Whether it is a poorly configured IVR or suboptimal ads that resulted in lost leads, you will know how to fix it.
- Optimized sales process. Knowing your customers through and through, you can direct them to the best agent or buy/sell them at the best price. Lead tracking empowers you to have exhaustive information on your leads before they reach sales agents.
- Fraud prevention. Lead tracking effectively sieves out duplicated and fraudulent leads, delivering you only the customers worth your time and effort.
Step 2 – Lead Distribution
After being validated, leads are released to the market in real-time. However, the buy and sell offers aren’t random but based on the setting of the publishers (lead buyers) and advertisers (lead sellers): demographics, price per lead, the number of leads to buy or sell, etc.
Smartly arranged lead distribution is a win-win for both parties, allowing:
- Publishers to sell their leads at the best price to relevant merchants
- Advertisers to get the quality and number of leads they pay for
Step 3 – Lead Analytics
Lead analytics reveals, groups, and interprets customer behavior to improve your marketing on every level, from ad display to sales agents.
Lead analytics software provides you with three types of reports:
- Comparison reports: Comparing different data sets side-by-side to identify trends and blind spots.
- Traffic flow reports: Measuring performance to understand the quality of your leads and publishers.
- Filter analyzer: Revealing areas where a change in your filter setting could lead to a significant performance boost.
Reports and tools may have different names depending on the software, but that doesn’t change the fact that, in the end, you should understand how you can improve your campaigns. Lead analytics simplifies workflow, makes you flexible, and grants a significant increase in ROI in the mid-term perspective.
Lead tracking allows you to collect invaluable data on prospects and leads, granting an inevitable increase in profits. Moreover, since the whole process is automated, you can save time, energy, and resources for important business decisions.